Purchasing a car is always an exciting time in our lives. We tend to spend a lot of time in our car, which is why we always want to make sure that the car we choose is the best option for us personally. There is always the age-old debate of whether or not you should purchase a new car or a used car. People who think that getting a new car is the way to go will cite reasons like the fact that they will be the first people to drive the car and that there is no way the new car has had any issues. Those people simply don’t understand the financial impact of purchasing a new car and many of the other benefits that come along with going used car shopping. There are certain undeniable benefits that clearly make buying a used car the right decision.
Keep reading on to learn about the undeniable benefits of purchasing a used car over a new car.
Benefit #1 – You will Save a LOT of Money
Buying a used car is a much better decision financially than purchasing a new car. The overall price of a used car will be much less than a new car, which means you can pay the car off quicker and save more money on interest. New cars will drop in value as soon as you drive them off of the lot. Used cars depreciate slower and will save you a ton of money.
Benefit #2 – Lower Insurance Costs
Car insurance is typically calculated based on the overall price of the vehicle. That means your new car will cost you more money to insure. If you purchase a new car, depreciation is already factored into the price and will save you money on your insurance premiums.
Benefit #3 – You Can Buy a Nicer Car for Less Money
Think about the money you will save on purchasing a used car. With that money, you can put it towards a nicer car. You might be able to afford a luxury car for the same price that you would be paying on a non-luxury car if you were to purchase it new.
Benefit #4 – No Hidden Fees
Buying a new car from a dealer often means paying some additional fees just because it is new. Things like shipping charges and “dealer preparation” can add a nice chunk of money to the price of a new car. If you buy a used car from a legitimate used car dealer, you won’t have to worry about these types of fees.
Benefit #5 – Used Cars Still Have Warranties
You might think that buying a used car means you are forfeiting the car’s warranty. However, many used cars still have a part of their original warranty. You can also use the money you are saving by purchasing a used car to extend the manufacturer’s warranty.
Buying a used car makes a lot of sense financially and can provide you with a lot more freedom in terms of what car you end up purchasing. Keep these benefits in mind before you purchase your next car!